Month: March 2025

Oil down on OPEC+ output increase, tariffs start and US pause on Ukraine aid

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oil price

LONDON: Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April and as U.S. tariffs on Canada, Mexico and China came into effect, as well as Beijing’s retaliatory tariffs. Brent futures were down $1.05, or 1.5%, at $70.57 a barrel by 1133 GMT while U.S. West Texas Intermediate (WTI) crude was off 83 cents, or 1.2%, at $67.54. “The current downward trend in oil prices is primarily driven by OPEC+’s decision to increase output and the introduction of U.S. tariffs,” said…

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Saudi Aramco profits down 12.39 percent in 2024: statement

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Saudi Aramco profits

RIYADH: Saudi Aramco’s net profits dropped 12.39 percent to $106.25 billion in 2024, the world’s biggest oil exporter said on Tuesday, following a year of lower prices and output cuts. Profits fell on lower revenues “primarily attributable to lower prices and volumes sold of crude oil, as well as lower refined and chemical product prices”, it said. Expected dividends for 2025 also fell heavily to $85.4 billion, down from $124.3 billion announced for last year by the mainly state-owned company. Aramco is the chief source of revenue for Crown Prince…

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Brent hits 6-month low on OPEC+ output increase

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Oil prices

NEW YORK: Oil prices fell to multi-month lows on Tuesday after reports of OPEC+ plans to proceed with output increase in April while further price pressure was applied by US tariffs on Canada, Mexico and China as well as Beijing’s retaliatory tariffs. Brent futures were down $1.50, or 2.1%, at $70.12 a barrel by 11:10 a.m. EST (1610 GMT). The session low was $69.75 a barrel, its lowest since September. US West Texas Intermediate (WTI) crude was off $1.19 a barrel, or 1.7%, at $67.18. The benchmark previously dropped to…

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Oil drops $2 after US crude stock build, OPEC+ output increase, Trump tariffs

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Oil prices

HOUSTON: Oil prices declined for a third day on Wednesday after US crude oil stocks posted a larger-than-expected build, adding a further headwind as investors worried about OPEC+ plans to proceed with output increases in April, and US President Donald Trump’s tariffs on Canada, China and Mexico escalated trade tensions. Brent futures fell $2.19, or 3.1%, to $68.85 a barrel by 10:49 a.m. EST (1549 GMT). US West Texas Intermediate (WTI) crude declined $2.55, or 3.7%, to $65.71 a barrel. US crude stocks rose more than expected, while gasoline and…

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OPEC February oil output rises as Iran exports keep flowing

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OPEC-Project

LONDON: OPEC oil output rose in February, a Reuters survey found, as Iranian exports held strong, despite renewed U.S. attempts to curb the flows, and Nigeria boosted output above its target within the wider OPEC+ group. The Organization of the Petroleum Exporting Countries pumped 26.74 million barrels per day last month, up 170,000 bpd from January’s revised total, the survey showed on Wednesday, with Iran and Nigeria posting the largest gains. OPEC+, which includes OPEC plus Russia and other allies, is keeping production cuts in place through March due to expectations of…

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